PRIV 5.2.6 Revisions of Prospectus etc

(1) The operator of a scheme must keep the latest filed prospectus under review.

Note For the application of this rule to a closed-ended scheme, see r (12).
(2) If the operator becomes aware of the happening of any materially significant change affecting a statement or information required to be included in the prospectus, the operator must—
(a) immediately revise the prospectus and immediately file a revised or supplementary prospectus with the Regulatory Authority; and
(b) if a translation of the latest filed prospectus has been filed with the authority in a particular language — the operator must immediately prepare, or arrange for the preparation of, a translation of the revised or supplementary prospectus in that language and immediately file the translation with the authority.

Example of materially significant change

a change in the scheme's investment objectives, strategies or policy
(3) Without limiting subrules (1) and (2), the operator must, at least once every year—
(a) review the latest filed prospectus, make any revisions necessary and, whether or not revisions are necessary, immediately file a prospectus or revised prospectus with the Regulatory Authority; and
(b) if a translation of the latest filed prospectus has been filed with the authority in a particular language — file with any revised or supplementary prospectus filed under paragraph (a) a translation of that prospectus in the same language.
(4) Subrule (3) does not apply in relation to a period of at least 12 months if the operator does not issue, or offer to issue, units in the scheme at any time during the period.
(5) To remove any doubt, subrules (2) and (3) do not prevent the operator—
(a) revising the latest filed prospectus at any other time; or
(b) preparing, or arranging for the preparation of, a translation or revised translation of the latest filed prospectus in any language.
(6) If the operator revises the latest filed prospectus otherwise than under subrule (2) or (3), the operator must immediately file a revised or supplementary prospectus with the Regulatory Authority.
(7) If the operator prepares, or arranges for the preparation of, a translation or revised translation of the latest filed prospectus otherwise than under subrule (2) or (3), the operator must immediately file the translation with the Regulatory Authority.
(8) A prospectus filed under this rule must be accompanied by a checklist prepared by the operator listing all the statements and information required by these rules and indicating where they are in the prospectus.
(9) A translation of a prospectus filed under this rule must be accompanied by a certificate signed by the person who made the translation stating that the translation is a correct translation of the prospectus.
(10) The certificate of a person under subrule (9) must state, in English, the person's—
(a) full name and address; and
(b) qualifications for making the translation.
(11) If, under this rule, the operator is required to do something immediately, the operator must do the thing immediately, but within 1 business day after the day the requirement to do the thing arises.

Examples

See examples to rule 4.1.4 (2) on the meaning of 'within 1 business day'.
(12) If the scheme is a closed-ended scheme, this rule ceases to apply to the scheme on the final closing of the scheme in accordance with the constitutional document.

Note Closed-ended scheme is defined in r 1.2.7 (2).
Derived from QFCRA RM/2010-06 (as from 1st January 2011)